Produced by Dori Smith at WHUS, FM 91.7, a Pacifica Affiliate at the University of Connecticut in Storrs, CT
Ellen Hodgson Brown discusses, Web of Debt, on the US Federal Reserve, the so called Money Trust, and global banking.
In this first portion of our talk we explore some definitions and talk about the basics, what went wrong with the global banking industry. We hear about the little known Bank for International Settlements, in Basil Switzerland, and the rules they impose on global markets such as the so-called, 'mark to market rule' and finally we learn why the State of North Dakota is solvent. They have a state bank, an example all US states should follow.
At Webofdebt.com Ellen Brown blogs about the global economic collapse, organizing to fight back, and how to repair the financial system. Her articles on global finance and how to repair America's banking system can also be found at globalresearch.ca. Her current pieces are: TURNING THE TABLES ON WALL STREET, and NORTH DAKOTA SHOWS CASH-STARVED STATES HOW THEY CAN CREATE THEIR OWN CREDIT.
Web of Debt: (coypwrite 2007) In language we can all understand, Ellen Brown explains such complexities as "derivatives, the privatization of the creation of money over to a private money cartel, and how banks have set up interest rate systems that rob us of the value of our money. Her book also outlines the state of global economic and banking systems, and explains that there simply isn't enough money to bail out the banks from a massive derivatives default today. When investors realize that the "insurance" against catastrophe that they have purchased in the form of derivatives is worthless, they are liable to jump ship and bring the whole shaky edifice crashing down.